Does the Solana killer narrative work? An overview of the SUI ecosystem

Author: WOO X Research

Background

Since September, the market has had two main focal points. The first is the continuous iteration and updates in the meme coin sector, with the lowercase Neiro launching on Binance and continuing to rise; the little hippo MOODENG has surged on Solana and Ethereum. Meme coins continue to create a wealth effect.

The second focal point is SUI, which emerged as a Layer 1 at the end of the previous cycle. Its token distribution method differs from the aforementioned meme coins that emphasize fair asset issuance, making it a typical VC Token criticized in this cycle.

However, SUI has recently shown strong price performance, rising from $0.76 at the beginning of September to a peak of $2.16, approaching its historical high of $2.18, marking an increase of about 185% in just a month and a half.

The current hype around SUI is driven by institutions, telling a narrative of replacing Solana. The influx of funds into the public chain benefits not only the token price but also the TVL, ecological projects, and even memes.

What projects/tokens within SUI should be focused on? Let WOO X Research take you on a journey to explore.

Cetus

The largest DEX in the Sui ecosystem, utilizing a concentrated liquidity protocol similar to Uniswap V3. Its products include DEX, liquidity pools, gun pools, yield vaults, and Launchpad, integrating the central limit order book DeepBook and the Wormhole cross-chain bridge.

In terms of Launchpad, it provides an IDO launch platform for Sui ecosystem projects, allowing holders of xCETUS to participate. Previous rounds of CETUS, SUIA, and NAVX were all oversubscribed, which is a significant factor in Cetus's leading position in the DEX space.

Currently, the platform's locked value exceeds $200 million, making it the fourth largest on SUI, with an 83% growth over the past month.

The token $Cetus has risen 180% in price over the past 30 days, currently priced at approximately $0.17, just a step away from its historical high of $0.186. Its current market cap is $54.52 million, ranking 638 on Coingecko.

NAVI

The first native one-stop liquidity protocol on Sui, similar to Aave, providing lending services and currently supporting assets such as Sui, vSui, NAVX, USDT, USDC, CETUS, and WETH. The deposit interest rate for stablecoins is about 7%, while for SUI it is 4%.

It is also the project with the highest locked value on SUI, growing 52% in a month, amounting to as much as $500 million.

However, the token price performance has not been as impressive as the product. During the recent surge of SUI, the token $NAVI increased by over 150% in 30 days, but it still has over 100% to go to reach its historical high, unlike SUI and Cetus, which are challenging their previous highs.

Currently, the token price is approximately $0.15, with a historical high of $0.357 and a current market cap of $36.62 million.

Scallop

A lending protocol on Sui, which completed a strategic financing round of $3 million in March, led by CMS Holdings and 6th Man Ventures, with other investors including Mysten Labs (the parent company of SUI), the aforementioned Cetus, well-known NFT whale dingaling, and Chinese KOL 0xSun as angel investors.

At the end of April, it announced further strategic financing from DWF Labs, which will act as Scallop's main liquidity provider on various centralized exchanges and will also support over-the-counter (OTC) trading.

The token $SCA has seen a gradual decline since its launch but has shown slight improvement in the past month, rising 52%, though not as much as SUI and the aforementioned tokens.

The token price of $SCA is approximately $0.376, with a historical high of $1.28 and a current market cap of $20.34 million.

Below are the meme coins on SUI.

HIPPO

The conceptual prototype is the Thai internet celebrity hippo "Bouncing Pig" MOODENG. The concept of this meme coin first emerged on the Solana chain, where the small hippo reached a market cap of $330 million. Recently, the hippo on Ethereum surged due to a donation of tokens to Vitalik, who chose to burn them, resulting in a tenfold increase in just four days.

HIPPO is the little hippo on SUI, currently priced at approximately $0.0148, with a historical high of $0.01848 and a current market cap of $148 million, showing a 17% increase in the past week.

AAA

Represented by a black cat, the concept is a meme on the Sui Name Service, making it a rare meme coin on SUI not associated with marine life. The community aspires to benchmark against the well-known meme coin Popcat on Solana.

The current token price is approximately $0.0019, with a historical high of $0.00253, showing a 293% increase in the past week, and a current market cap of $19 million.

BLUB

Depicted as a fish with a Pepe face, it was once the number one meme coin on SUI until it was surpassed by HIPPO.

Interestingly, the token issuance date for BLUB was September 1, close to the starting point of SUI's rise, and it increased from a market cap of $3.5 million at launch to a peak of $48 million, achieving an 11-fold increase.

The current token price is approximately $0.0(6)123, with a historical high of $0.0(6)161, showing a 9.8% decrease in the past week, and a current market cap of $40 million.